Investment manager Triple Point has agreed a £15 million debt facility with battery energy storage system (BESS) developer Noriker Power.
This marks the beginning of a new partnership between Triple Point and Noriker Power, both of which are significant players in the UK BESS market. The £15 million funding injection will be used to support Noriker Power’s advanced development pipeline, including funding key equipment for several of Noriker Power’s ready-to-build assets in the UK and the Republic of Ireland.
Since launching in 2015, Noriker Power has built and developed over 350MW of utility-scale battery storage and hybrid energy facilities.
Dr Marc Thomas, managing director at Noriker Power, called the debt facility “a major milestone” for the business and a “strong vote of confidence” in the firm’s development pipline. He added: “The backing from Triple Point enables us to move quickly on some of the most advanced battery storage projects in the UK and Ireland. These assets are vital to balancing the grid and unlocking more renewable energy.”
Jessica Fisher, investment director at Triple Point, stated that the firm was proud to support Noriker Power in its mission, adding that the partnership “reflects [Triple Power’s] commitment to financing the energy transition and delivering sustainable outcomes for communities and investors alike”.
Triple Point in the UK
Triple Point has been increasing its UK investment footprint of late, having originated financing for over 17.7GW of UK battery and solar assets in development since its launch.
In September of last year, Triple Point announced that it had agreed a major deal with BESS developer Balance Power. The two firms agreed a £5.1 million debt facility to help support Balance Power’s growth in the UK solar PV and BESS markets.
Much of this debt facility was used by Balance Power to acquire the 6MWp Roborough project from Regener8 Power. Construction is ready to begin at the Roborough project, located near Plymouth in the South West of England, and, once complete, the project will generate clean power for local energy-intensive businesses. This marked the first time that Balance Power had worked with Triple Point.
Triple Point formed other major financial partnerships throughout 2024; in May, the firm partnered with clean energy company Ethical Power on a £7 million debt facility to help Ethical Power grow its solar and BESS presence in the UK.
